CBI Announces Completion Of Plan To Remove Zero's From Currency!

[Reverse-Pumper]

I Apologize If This Has Been Posted Already...

http://yallafinance.com/2011/08/03/iraq-to-replace-its-currency/

The Iraqi Central Bank announced the completion of a plan to remove three zeros from the dinar, replacing current banknotes with new ones. The Bank will re-print 30 trillion dinars (26 billion dollars).

According to Mazhar Mohammad Saleh, an expert in the Iraqi Central Bank, in a speech with the ALHAYAT of London, “our problem lies in the timing of the currency exchange, as we need to select a suitable time for implementing the project without obstacles.”

The Central Bank planned to remove three zeros from the Iraqi dinar, after suffering from inflation and the decline of the currency during the nineties, due to economic sanctions. The value of the dinar decreased internationally to its current value of approximately 1120 dinars per dollar.

In 2003, the Central Bank adopted a new mechanism to maintain the dinar’s exchange rate. It created a foreign exchange auction to sell dollars that Iraq obtained from the sale of oil in the global markets and then transferred to the bank to sell in local currency, which helped raise the value of the dinar over the last few years to more than 2000 points.

Saleh estimated the government will exchange more than 30 trillion Iraqi dinars, or more than $26 billion dollars. The most important change after deleting the zeros, is to reduce the number of banknotes in circulation, simplifying the payment system in Iraq.

Some economists have warned that the process of exchanging the Iraqi currency will be rife with corruption due to the inaccurate structuring of Iraqi banks. Previous attempts to exchange the currency resulted in major corruption, costly to the Iraqi economy. However, Saleh responds that the process of changing the currency in 2004, occurred under the exceptional circumstance of an occupation, was managed by a civil American governor, and was still successful.

The Central Bank sells, through a daily auction, between $150 million dollars and $190 million dollars daily to clients of private banks and the financial companies.

[Dinarabot]

I love these articles b/c it assures me i made a great investment choice two years ago!!! People need to not worry about a LOP.....The dropping of the zeros will work just like the old $1000 bill...still worth $1000 but just not in print!!!! No worries peeps!!!!

[Stevevintennessee]

WORD!

[truthful1]

I love these articles b/c it assures me i made a great investment choice two years ago!!! People need to not worry about a LOP.....The dropping of the zeros will work just like the old $1000 bill...still worth $1000 but just not in print!!!! No worries peeps!!!!

[jlldrs]

Am I reading this correctly? They want to reprint 30 trillion dinar, remove the zeros, but have less banknotes in circulation. This makes absolutely no sense.

I have never been a big believer in the smoke and mirrors theory, but this article screams "RV" and soon. The cost alone of printing that much new currency, especially without the zeros would be astronomical.

[nemesis760]

I Apologize If This Has Been Posted Already...

http://yallafinance.com/2011/08/03/iraq-to-replace-its-currency/

The Iraqi Central Bank announced the completion of a plan to remove three zeros from the dinar, replacing current banknotes with new ones. The Bank will re-print 30 trillion dinars (26 billion dollars).

According to Mazhar Mohammad Saleh, an expert in the Iraqi Central Bank, in a speech with the ALHAYAT of London, “our problem lies in the timing of the currency exchange, as we need to select a suitable time for implementing the project without obstacles.”

The Central Bank planned to remove three zeros from the Iraqi dinar, after suffering from inflation and the decline of the currency during the nineties, due to economic sanctions. The value of the dinar decreased internationally to its current value of approximately 1120 dinars per dollar.

In 2003, the Central Bank adopted a new mechanism to maintain the dinar’s exchange rate. It created a foreign exchange auction to sell dollars that Iraq obtained from the sale of oil in the global markets and then transferred to the bank to sell in local currency, which helped raise the value of the dinar over the last few years to more than 2000 points.

Saleh estimated the government will exchange more than 30 trillion Iraqi dinars, or more than $26 billion dollars. The most important change after deleting the zeros, is to reduce the number of banknotes in circulation, simplifying the payment system in Iraq.

Some economists have warned that the process of exchanging the Iraqi currency will be rife with corruption due to the inaccurate structuring of Iraqi banks. Previous attempts to exchange the currency resulted in major corruption, costly to the Iraqi economy. However, Saleh responds that the process of changing the currency in 2004, occurred under the exceptional circumstance of an occupation, was managed by a civil American governor, and was still successful.

The Central Bank sells, through a daily auction, between $150 million dollars and $190 million dollars daily to clients of private banks and the financial companies.

I am still not seeing an rv!? I want to soooooo f'n bad!!!!! but 30 000 000 000 000 / 26 000 000 000 = 1 153.84615

[MGRMGRMBR]

Am I reading this correctly? They want to reprint 30 trillion dinar, remove the zeros, but have less banknotes in circulation. This makes absolutely no sense.

I have never been a big believer in the smoke and mirrors theory, but this article screams "RV" and soon. The cost alone of printing that much new currency, especially without the zeros would be astronomical.

The big question for all of us is this-we have heard that there may have been at one time 30 trillion dinar printed, but most of it is pulled back and out of circulation. So if you belive this (and I do) then they will not reprint 30 trillion Dinar as it would defeat the prupose of giving value to the Dinar. Meaning you remove zeros, but still print 30 trillion dinar-all you have done is printed new currency worth same amount....which inturns mean you would carry MORE cash to buy things.....

JMO

[2fast4u2c]

I do not see where this says RV vs. LOP.

What am I missing?

[JaredWhite]

Something something something three zeros something something something completed.

[RVmePLZ]

Ahhhhhhhhh! *takes breath* Ahhhhhhhh!!! Almost there I can feel it!

[Mstr_William]

I love these articles b/c it assures me i made a great investment choice two years ago!!! People need to not worry about a LOP.....The dropping of the zeros will work just like the old $1000 bill...still worth $1000 but just not in print!!!! No worries peeps!!!!

I agree with this statement. When the big bills get cashed in for value, then they "disappear".

Much like I'm gonna do when it RVs !!!

I love it when a plan comes together!

:D

[drox]

I Apologize If This Has Been Posted Already...

http://yallafinance....e-its-currency/

The Iraqi Central Bank announced the completion of a plan to remove three zeros from the dinar, replacing current banknotes with new ones. The Bank will re-print 30 trillion dinars (26 billion dollars).

According to Mazhar Mohammad Saleh, an expert in the Iraqi Central Bank, in a speech with the ALHAYAT of London, “our problem lies in the timing of the currency exchange, as we need to select a suitable time for implementing the project without obstacles.”

The Central Bank planned to remove three zeros from the Iraqi dinar, after suffering from inflation and the decline of the currency during the nineties, due to economic sanctions. The value of the dinar decreased internationally to its current value of approximately 1120 dinars per dollar.

In 2003, the Central Bank adopted a new mechanism to maintain the dinar’s exchange rate. It created a foreign exchange auction to sell dollars that Iraq obtained from the sale of oil in the global markets and then transferred to the bank to sell in local currency, which helped raise the value of the dinar over the last few years to more than 2000 points.

Saleh estimated the government will exchange more than 30 trillion Iraqi dinars, or more than $26 billion dollars. The most important change after deleting the zeros, is to reduce the number of banknotes in circulation, simplifying the payment system in Iraq.

Some economists have warned that the process of exchanging the Iraqi currency will be rife with corruption due to the inaccurate structuring of Iraqi banks. Previous attempts to exchange the currency resulted in major corruption, costly to the Iraqi economy. However, Saleh responds that the process of changing the currency in 2004, occurred under the exceptional circumstance of an occupation, was managed by a civil American governor, and was still successful.

The Central Bank sells, through a daily auction, between $150 million dollars and $190 million dollars daily to clients of private banks and the financial companies.

This is telling us to prepare for an enormous banking shift soon to electronic banking IMO. In order to reduce banknotes they must get those off the street after they exchange the old currency for the new currency with citizens. Notice in red at the top it talks about timing it right? And at the bottom in red says... "corruption because of inaccurate structuring of the banks"? The CBI is preparing for a grand slam to hit all of these marks and use this as the catalyst to force a paradigm shift in banking for Iraq!

I love these articles b/c it assures me i made a great investment choice two years ago!!! People need to not worry about a LOP.....The dropping of the zeros will work just like the old $1000 bill...still worth $1000 but just not in print!!!! No worries peeps!!!!

Love the optimism but this is not what they are talking about at all. I want them to not RD at all and just work with the existing currency to get the rate up organically. I feel they have more latitude for growth in the future for doing so. This article is pointing to an RD. Unfortunately you and many others have been lied to about the lower denominations and the 3 zero articles meaning from the notes only and not the exchange rate. How do they get rid of the past inflation problem inflating the money supply if they take 3 zeros off of the notes only? How would that make transactions easier in the marketplace? Will they drop prices on goods too or will you just have to bring more currency in smaller denominations to pay for those goods? I am not a lopster... I want nothing to do with an RD.

Am I reading this correctly? They want to reprint 30 trillion dinar, remove the zeros, but have less banknotes in circulation. This makes absolutely no sense.

I have never been a big believer in the smoke and mirrors theory, but this article screams "RV" and soon. The cost alone of printing that much new currency, especially without the zeros would be astronomical.

I agree that it is totally confusing as written but actually makes sense. They have to print that much of the new Dinar in order to exchange it tangibly with the Iraqi's for their old currency. What they are saying is that they want to use this process to also encourage the Iraqi's to rely less on tangible cash transactions and to trust in the banks and use and understand electronic banking. This will effectively reduce the number of banknotes on the streets. This move by the CBI will increase bank accounts and capital in the banks which will intern provide the banks more money to lend. This is where fractional banking in Iraq will truly make an impact. Unfortunately I disagree that it actually screams RD with an RV through time because they are building the proper foundation.

Edited August 4, 2011 by drox

[FrankenSLI]

This article seems to say that they want to remove the zeros by reprinting 30 trillion dinar in smaller bank notes to replace the 30 trillion dinar in larger notes. Unless they RV this would increase the carrying cash as they would only have small bills to purchace items with... I agree that this article screams RV!!! *Prays for no RD*

[dinarck]

Thanks drox for your valued opinion once again. I for one am afraid that this article as well as the 500 and 1000 coin article are missing something in the translation. Haha, now Im starting to sound like the antiloppers but it simply makes no sense that they would print a 1000 times more currency to reduce the amount of currency. I think maybe what the translation says is they are printing 30 trillion worth (meaning in old currency rate) of new currency. Same as the coin article. They will bring in coins worth 500 & 1000 (meaning in old currency rate) of new currency. Maybe someone could check the translation and verify or debunk my theory. Not to good with translator programs and using my phone anyhow.

[RVnow4meplease]

OK no RD just RV already!!!!!!!!!!!

[JWJW11]

This is telling us to prepare for an enormous banking shift soon to electronic banking IMO. In order to reduce banknotes they must get those off the street after they exchange the old currency for the new currency with citizens. Notice in red at the top it talks about timing it right? And at the bottom in red says... "corruption because of inaccurate structuring of the banks"? The CBI is preparing for a grand slam to hit all of these marks and use this as the catalyst to force a paradigm shift in banking for Iraq!

Love the optimism but this is not what they are talking about at all. I want them to not RD at all and just work with the existing currency to get the rate up organically. I feel they have more latitude for growth in the future for doing so. This article is pointing to an RD. Unfortunately you and many others have been lied to about the lower denominations and the 3 zero articles meaning from the notes only and not the exchange rate. How do they get rid of the past inflation problem inflating the money supply if they take 3 zeros off of the notes only? How would that make transactions easier in the marketplace? Will they drop prices on goods too or will you just have to bring more currency in smaller denominations to pay for those goods? I am not a lopster... I want nothing to do with an RD.

I agree that it is totally confusing as written but actually makes sense. They have to print that much of the new Dinar in order to exchange it tangibly with the Iraqi's for their old currency. What they are saying is that they want to use this process to also encourage the Iraqi's to rely less on tangible cash transactions and to trust in the banks and use and understand electronic banking. This will effectively reduce the number of banknotes on the streets. This move by the CBI will increase bank accounts and capital in the banks which will intern provide the banks more money to lend. This is where fractional banking in Iraq will truly make an impact. Unfortunately I disagree that it actually screams RD with an RV through time because they are building the proper foundation

They are talking about timng in reference the the political and security environment.. There has to be a transperency and parody period. They will not be able to take all of the larger notes in at once thats why they keep referring to the year process. I mean seriously do myou actually think they are going to tell you everythink you think you know? Comon man open your eyes...your missing some great stuff!

They have to redominate and RV at the same time DROX. They need the smaller denoms to make it work. Their is a topic posted in the rumors forum from a supposed congressman and the treasury, which states the exchange will be (1) new dinar note which equals 1000 current dinars and then the exchange rate will be $1.17. Whether its rite or wrong theres alot of misinformation DROX. Think! Your way to smart for your own good....i think!!!

The numbers your working with are not real. There isnt anywhere near the amount of currency on the streets over there as you are assuming because you read it somewhere. Iraqis are poor....The USD is the currency used the majority of the time!

Man you read these articles and spn them very well...i will give you that but you should look at what it really says and think about the state the average Iraqi is in. Its not like they are here DROX....they have no money(POOR) they are simply being educated on the simple things we take for granted here! They have to learn how to use a simple ATM machine! Thats it! Startin from scratch....

[dinarck]

They are talking about timng in reference the the political and security environment.. There has to be a transperency and parody period. They will not be able to take all of the larger notes in at once thats why they keep referring to the year process. I mean seriously do myou actually think they are going to tell you everythink you think you know? Comon man open your eyes...your missing some great stuff!

They have to redominate and RV at the same time DROX. They need the smaller denoms to make it work. Their is a topic posted in the rumors forum from a supposed congressman and the treasury, which states the exchange will be (1) new dinar note which equals 1000 current dinars and then the exchange rate will be $1.17. Whether its rite or wrong theres alot of misinformation DROX. Think! Your way to smart for your own good....i think!!!

The numbers your working with are not real. There isnt anywhere near the amount of currency on the streets over there as you are assuming because you read it somewhere. Iraqis are poor....The USD is the currency used the majority of the time!

Man you read these articles and spn them very well...i will give you that but you should look at what it really says and think about the state the average Iraqi is in. Its not like they are here DROX....they have no money(POOR) they are simply being educated on the simple things we take for granted here! They have to learn how to use a simple ATM machine! Thats it! Startin from scratch....

JW11, since you are smarter than drox hahahahaaha... O man sorry, let me get up off the floor from almost laughing myself to death, please explain to us all how they are going to print 30 trillion dinar in lower denoms so they can exchange them for the 000 notes that you say dont exsist in Iraq. While you are at it please also explain how this will reduce the amount of bills in circulation like this article says. Also please explain to us why you believe the numbers from the CBI documentation are inaccurate while believing anyone who tells you what you want to hear about the amount in circulation.

[snakes251]

It's simple, really. They'll create all these new denominations, while at the same time RV'ing. People will be asked to bring in these larger denoms in exchange for the smaller ones (although this should in no way diminish the purchasing power of the revalued dinar). Then they'll just destroy these larger ones as the new denoms become more widely circulated. But, as I understand it, you'll still be able to use these as legitimate currency (even though it may make the store owner mad if you use a 1000 dinar note to buy a coke).

Look at our own monetary history: we once issued $500 and even $1000 bill to cope with inflation, and they still have purchasing power. They're just not in circulation anymore. IMHO, an RD and RV WILL need to coexist. Especially if Iraq expects to recoup the 36 billion they're spending in printing in new notes. But more importantly, to become a global trading partner.

[Realdinar]

JW11, since you are smarter than drox hahahahaaha... O man sorry, let me get up off the floor from almost laughing myself to death, please explain to us all how they are going to print 30 trillion dinar in lower denoms so they can exchange them for the 000 notes that you say dont exsist in Iraq. While you are at it please also explain how this will reduce the amount of bills in circulation like this article says. Also please explain to us why you believe the numbers from the CBI documentation are inaccurate while believing anyone who tells you what you want to hear about the amount in circulation.

I get that you Cindy Loppers are getting desperate to grasp on to something but your red herring there in amatuer. He did not say 000 notes did not exist. Please read his statement, or explain to us all why you are so prideful and arrogant.

[Sun Devil]

Something something something three zeros something something something completed.

LOL!! Exactly.

[dinarck]

It's simple, really. They'll create all these new denominations, while at the same time RV'ing. People will be asked to bring in these larger denoms in exchange for the smaller ones (although this should in no way diminish the purchasing power of the revalued dinar). Then they'll just destroy these larger ones as the new denoms become more widely circulated. But, as I understand it, you'll still be able to use these as legitimate currency (even though it may make the store owner mad if you use a 1000 dinar note to buy a coke).

Look at our own monetary history: we once issued $500 and even $1000 bill to cope with inflation, and they still have purchasing power. They're just not in circulation anymore. IMHO, an RD and RV WILL need to coexist. Especially if Iraq expects to recoup the 36 billion they're spending in printing in new notes. But more importantly, to become a global trading partner.

So they are going to increase their cash block by 1000 times, not reduce the amount in circulation and basically do the exact opposite of what they have said in this article as well as others? By the way, why would they print 30 trillion in dinar if there isnt that much in circulation as everyone has been saying?

I get that you Cindy Loppers are getting desperate to grasp on to something but your red herring there in amatuer. He did not say 000 notes did not exist. Please read his statement, or explain to us all why you are so prideful and arrogant.

Yeah, it is us who are desperate. Haha.. An article says they will print a 1000 times more currency than is in circulation now and by doing that reduce the amount in circulation and you believe it means imminet RV. Lol. Please. Go back to my original post on this thread and then tell me where I am wrong.

[dinaronmind/mindondinar]

So they are going to increase their cash block by 1000 times, not reduce the amount in circulation and basically do the exact opposite of what they have said in this article as well as others? By the way, why would they print 30 trillion in dinar if there isnt that much in circulation as everyone has been saying?

Yeah, it is us who are desperate. Haha.. An article says they will print a 1000 times more currency than is in circulation now and by doing that reduce the amount in circulation and you believe it means imminet RV. Lol. Please. Go back to my original post on this thread and then tell me where I am wrong.

You are the same idiot that told me that you will not sell your dinar now and break even, you would rather hold on to it and hope to break even. Dinarck, you truly are useless and your posts reflects how cocky and uneducated you are.

[dinarck]

You are the same idiot that told me that you will not sell your dinar now and break even, you would rather hold on to it and hope to break even. Dinarck, you truly are useless and your posts reflects how cocky and uneducated you are.

Since your so educated please explain how I am wrong. Didnt think so. None of that matters does it. As long as you can continue to belive that your going to be rich then facts dont matter huh? Please take a shot at giving us your opinion on what is going on instead of bashing me. I gave my opinion. You dont like it but I could care less.

[ashtray]

there is no logical reason to create this propaganda of multiple stories that have opposit meanings , to protect anything besides alot of assets ..

its not about a decline ... or about and even swap .. this is about protection ... protecting iraqi assets ..,. when they reveal the rv ... millions will groan wishing they bought dinars .. or wishing they didnt sell theres .... or wishing they bought more ...

i think we are at worst within a year .... could be by years end ,, im thinking alot sooner .. im looking everyday , i think it could be anytime .....im looking for a rv..

[DRV1804]

Since your so educated please explain how I am wrong. Didnt think so. None of that matters does it. As long as you can continue to belive that your going to be rich then facts dont matter huh? Please take a shot at giving us your opinion on what is going on instead of bashing me. I gave my opinion. You dont like it but I could care less.

Dinarck...i have always appreciated your take on things, i went into this investment drinking the Kool-aid because I didnt know any better..i heard about it from a co-worker/friend and got into it thinking i was going to be a millionaire, my friend continue's to drink the Kool-aid, its sad because it ended up ruining his marriage..i started doing my own research and joining this site was the best thing that could of ever happened to me, i am still optimistic w this investment but thanks to my DV friends i am also realistic....do you have any hope that the Dinar could just flat out RV and not LOP or RD?? Thanks for your input Dinarck! and as always GO RV!!